sale of import license is taxable in which head?
it's profit is taxable in PGBP head but where is the sale proceeds taxable ?
3 Replies
kavitha
(studying final)
(830 Points)
Replied 08 January 2013
suppose take a trading business, on sales you are paying any taxes, no ryt. you are paying only on net profit.
same is the case here. profit on sale of import licence is taxable under the head PGBP. ( original cost - sale proceeds you are accounting it here na)
correct me if i am wrong
rahul
(3)
(147 Points)
Replied 10 January 2013
no i think u are correct...since always net income is taxable as we study in whole IT Act 1961.
i.e taxable income=sales consideration-cost
koradala
(student)
(24 Points)
Replied 04 September 2014
how can we treat sale of import license under pgbp
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